Markets Recover From Early Dip as Wall Street Assesses Fed Threat
Conservative principles face implementation challenges as policy meets political complexity.
The mainstream framing treats any criticism of the Federal Reserve as a threat to civilization, as if “independence” means exemption from scrutiny. Markets, meanwhile, did what markets do: they priced uncertainty, then moved on. That gap tells you something about how overstated the panic can be.
New Republican Times Editorial Board
Former Federal Reserve chiefs and Treasury officials warned of “highly negative consequences” from the Trump administration’s repeated attacks on the Federal Reserve’s independence. Even some Republicans denounced them.
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New Republican Times Editorial Board
The mainstream framing treats any criticism of the Federal Reserve as a threat to civilization, as if “independence” means exemption from scrutiny. Markets, meanwhile, did what markets do: they priced uncertainty, then moved on. That gap tells you something about how overstated the panic can be.
Conservatives don’t want politicians setting interest rates on a whim. But public trust also requires admitting the Fed is not an oracle. Years of missed inflation calls and sweeping emergency interventions deserve hard questions, not sanctimony from a small club of former officials protecting their legacy. Accountability without politicization is not a contradiction.
The real risk is a system where unelected technocrats wield enormous power with limited transparency. Institutional stability comes from clear rules, honest oversight, and predictable decision-making, not from declaring the Fed beyond debate. A central bank can be independent and still answer to the country it serves.
Commentary written with AI assistance by the New Republican Times Editorial Board.